When buying a house without a survey, here are some things to keep in mind
It is possible to skip a survey, but does it make sense?
Any home-buying guide will mention "Book property survey" as an item to check off. Is it completely necessary? If you are interested in buying a house without a survey, it might seem like a more convenient and cheaper option.
Check out what property surveys are - and whether they're worth investing in - to help you decide.
In almost every case, one is probably a good idea. Read on for more details so you can make the best choice.
Property surveys - what are they?
When you buy a property, a qualified surveyor - an expert in buildings - thoroughly inspects it.
You receive a report on the condition of the property after the surveyor inspects it. The report should identify any major structural issues. Depending on the type of survey (more on that later), the report will be detailed.
You should get one for most types of property, but especially if the property is old or unusual (such as a 16th century thatched cottage).
Normally, you would want the survey done before exchanging contracts. You can renegotiate the purchase price of the property if the survey uncovers any problems, or ask the seller to make repairs before closing.
Why you might consider buying a house with no survey
Getting a house survey isn’t something you have to do legally, so you might wonder if skipping this step might be a way to simplify the home-buying process.
The following are some reasons why you might want to consider buying a house without a survey:
The cost of a survey is too high:
Your concerns are important to us. A home purchase can be expensive, with mortgage fees, solicitors' fees, and moving costs. However, a survey can save you money in the long run. Major repairs could cost several thousand dollars later on, but a survey only costs a few hundred pounds now.
A survey has already been conducted by my mortgage lender:
A mortgage lender's valuation survey is different from a full property survey. It's a brief check to see if the property is worth what you intend to pay. There is no guarantee that it will uncover underlying issues with a property.
My conveyancer will inform me of any potential problems:
A conveyancer or solicitor (who handles the legal side of the house sale) will conduct searches with local authorities to uncover problems with your property or the area. However, these searches won't provide information about the building's fabric, as a property survey will.
It's also best not to assume that the Property Information Form (TA6) you receive from the seller contains all the information you need. It's possible that they don't give you all the information, or that they aren't aware of the problem themselves.
Despite being only a few years old, the house is in great shape:
The risk of structural issues may be lower in a newer home, but it is still advisable to have it inspected. It is possible that mistakes were made or shortcuts were taken during the original construction, which could end up being expensive to repair.
I think everything is fine?
Most people won't be able to spot issues with a property that an experienced surveyor can identify even if they are eagle-eyed. Get an expert in unless you're a surveyor or builder yourself.
Buying a house without a survey carries risks
It is important to get a survey before purchasing a property so you know everything about it. The sale can go forward with peace of mind if the survey report indicates no significant issues. In the event that it does find problems, you have the following options:
Withdrawing from the sale
Renegotiating the price to cover repair costs
Getting repairs done before you move in from the seller
If you don't have a house survey, you're giving up the chance to discover potential problems with the property, including:
Damp
Dry rot or wet rot
Subsidence
A leaky roof
Wall cracks
Woodworm
Rotten window frames
Old and dangerous wiring
Asbestos
Invasive plants, like Japanese knotweed
One or more of these problems may affect your quality of life and your finances after you've bought the property. During repair work, you might need to move elsewhere, and the repairs themselves could cost a lot of money.
The property may seem fine until a potential buyer gets a survey done and discovers an underlying issue that had been present all along. They might then be discouraged from selling.
All this isn't to say that buying a home without a survey won't cause problems. There will be times when that won't be the case. The best thing you can do is learn as much as you can about your future home before committing to it.
Is there a good reason to skip the survey?
The only really good reason to buy a house with no survey is if you're a surveyor or builder yourself. You might also be able to get a trusted friend from one of those professions to inspect the property for you.
In any case, hiring a qualified surveyor is still your best option.
What are the steps to getting a property survey?
Start by contacting a few local surveyors for quotes, so you can make sure you're getting good value for your money. Depending on the size, type, location, and type of survey you choose, the cost will vary.
If you are considering a surveyor, make sure he or she is a member of a reputable professional association, such as the Royal Institute of Chartered Surveyors (RICS).
Choosing the right survey type is also important. RICS offers the following types of surveys:
Home Survey Level 1: This is the most basic type of survey (also called a condition report). It just gives a very simple overview of the state of the property. This means it’s only really suitable for homes less than five years old and don’t have any unusual features.
Home Survey Level 2: A more in-depth survey aimed at properties in relatively good condition. Also known as a homebuyer report, it’s useful for identifying more obvious issues, like subsidence or damp. However, the surveyor won’t be moving heavy furniture or looking up in the roof.
Home Survey Level 2 with valuation: As above, but you’ll also get a property valuation for an additional fee.
Home Survey Level 3: Also known as a building survey, this is the most comprehensive type of survey, giving you a complete picture of the property state. Not only does it flag up any issues, but it also provides recommendations on how to resolve them.
You might also consider a new-build snagging survey if you're planning on buying a new-build home. In this independent inspection, issues in new properties are found - from pencil marks on skirting boards to unfinished plumbing.
When you show your developer this report, they're obligated to fix any issues.
Contact Carpenter Surveyors today for a no-obligation quote. Trusted since 1988, you’re in safe hands with our friendly team of RICS qualified surveyors.